From the quote of your car-dealer, to insurance company websites, to aggregator websites for the lowest deal and calling brokers and agents, Moneylife finds that there is a lot to be said about the differences in premium among various channels. Explore different parameters which help you to reduce the premium and avoid questionable ways to reduce it
Manmohan Sardesai (name changed) wanted to renew the car insurance for his Tata Nano LX 2009, registered in Mumbai.
Mr Sardesai is aware that his existing 35% no-claim-bonus (NCB) will become 45% when he renews the policy as no claims were lodged during the year. Mr Sardesai has been buying insurance from his car-dealer since he purchased his new Nano car in 2009. Once you are a customer with one insurance company, the policy renewal is done blindly with the same company, unless the policyholder overcomes his inertia and looks for a better deal. This time, Mr Sardesai was keen to find out if he could get better offers from other insurance companies.